Abstract
The principal aim of this volume is to explore commercial contract law in scholarship and legal practice, to discuss new research agendas and provide a forum for debate of topical issues that might benefit from further attention by scholarship and legislatures. This chapter on methodological challenges within the approximation of personal property security law regimes raises what is a key contemporary problem as commercial legislations continue to grow out of national boundaries. It raises some of the most challenging issues in this area of commercial law due to its dependence on baseline concepts of insolvency and property laws and because of the vast differences within the laws of national legal systems in these areas. This chapter thus contributes to a topic of central importance to any project of law reform on an international level in commercial law. In particular, in the context of multiple projects for the approximation and modernisation of personal property security law, this chapter proposes to analyse some of the methodological challenges that have arisen as a result of these initiatives. It is argued that there are still outstanding challenges and obstacles to the comprehensive approximation and modernisation of personal property security law. The analysis sketches out and critically considers four methodological challenges connected to the justification of approximation of law projects, the appropriation of international endeavours and the issues of legitimacy and enforcement within the emergence of a transnational personal property security law framework.
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Notes
- 1.
The European Bank for Reconstruction and Development (EBRD) Model Law on Secured Transaction (1994), the International Institute for the Unification of Private Law (UNIDROIT) Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment (2001), the United Nations Commissions on International Trade Law (UNCITRAL) legislative Guide on Secured Transactions (2007) and more recently the UNCITRAL Model law on Secured Transactions 2016 reflect some of the major attempts at the international level.
- 2.
See for example the UNCITRAL Report of the Secretary General on the draft legislative Guide on Secured Transactions in February 2002 available at http://www.uncitral.org/uncitral/en/commission/working_groups/6Security_Interests.html.
- 3.
- 4.
On the convergence of commercial legislations, see for instance Mistelis (2001).
- 5.
See the note from the Secretary-General of the Organisation for Economic Co-operation and Development (OECD) entitled “Contribution of Trade and Investment to Increased Productivity, Growth, Jobs and Inclusiveness” available at http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=TAD/TC(2016)6/REV1doclanguage=en. The United States have recently pulled out of a major trade agreement namely the North American Free Trade Agreement (NAFTA) and the British government has indicated its willingness to leave the European Single Market.
- 6.
Legal harmonisation involves the action of coordinating different legal rules from different legal systems to eliminate and accommodate differences whereas legal transplant “[…] consists in the introduction, in national legal systems, of statutes and principles belonging to other systems, be they legal rules of other countries or customs whose acceptance is widespread”. See Carbonara et al. (2007), p. 2.
- 7.
See for example Mattei (2003), p. 385.
- 8.
- 9.
- 10.
Finch (1999), p. 634.
- 11.
- 12.
McCormack et al. (2017), p. 112.
- 13.
- 14.
Levine (2005), p. 865.
- 15.
- 16.
See for example World Bank Doing Business Report 2017 (2017).
- 17.
Gullifer (2016).
- 18.
Some provinces of Canada reformed their personal property security laws modelled on the American Article 9 UCC. Ontario was the first Canadian province to adopt a PPSA modelled on Article 9 UCC. It was adopted in 1967 but the Act did not come into effect until 1973. New Zealand reformed its law in 1999 (Personal Property Security Act 1999). In England and Wales, the Law Commission considered the need for reform with respect to company charges, and issued a Consultation Paper in June 2002 (Registration of Company Security Interests: Company Charges and Property other than Land—Law Commission Consultation Paper No 164) which was followed by a Consultative Report published in August 2004 (Company Security Interests: A Consultative Report, Law Commission Consultative Report No176). A final Report was published in 2005 (Company Security Interests, Law Commission Report No 296, Cm 6654). France also reformed its secured credit Law in 2006 with the Ordinance No 2006-346 dated 23rd March 2006.
- 19.
Crystallisation can also occur upon ‘ceasing to do business’, ‘enforcing the security’ or upon the occurrence of a particular event agreed in a clause (automatic crystallisation).
- 20.
[2005] UKHL 41.
- 21.
[2010] EWHC 1772.
- 22.
See Para 31[2010] EWHC 1772.
- 23.
See for example the recent adoption of the UNCITRAL Model Law on Secured Transactions (2016).
- 24.
See for example the Personal Property act of Ontario 1990.
- 25.
Personal Property Security act 2009.
- 26.
Personal Property securities Act 1999.
- 27.
The Ordinance of 23rd March 2006 reforming French Secured Credit law added a new chapter to the French Civil code. On the French Law reform, see Simler (2006), p. 124.
- 28.
Law of 24th June and 11th July 2013 reforming personal property security law regime.
- 29.
Law 3rd May 2016, ‘Decreto- Legge 3 maggio 2016, n. 59, Disposizioni urgenti in materia di procedure esecutive e concorsuali, nonche’ a favore degli investitori in banche in liquidazione’.
- 30.
Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 clarifies which charges are registrable and improve registration procedures. On the development of the English secured credit law framework, see De Lacy (2012), pp. 3–82.
- 31.
- 32.
Leebron (1996), p. 64.
- 33.
- 34.
Leebron (1996), p. 75.
- 35.
Ibid. p. 78.
- 36.
Schmidtchen et al. (2004).
- 37.
Leebron (1996), p. 75.
- 38.
Ibid. pp. 84–89.
- 39.
Ibid. p. 84.
- 40.
Art. 9-324 UCC.
- 41.
See on this point Gullifer (2007).
- 42.
For example, the UNCITRAL Legislative Guide for Secured Transactions provides the option to include or exclude property based securities from the unitary regime.
- 43.
Walt (1999).
- 44.
Walt (1999), p. 672.
- 45.
Walt (1999), p. 673.
- 46.
Sykes (2000), p. 257.
- 47.
See I.A.2. with respect to the Directive 2000/35/EC of the European Parliament and of the Council of 29th June 2000 on Combating Late Payment in Commercial Transactions, OJ L 200, 8.8.2000. See Article 4 on retention of title clauses.
- 48.
The Draft Common Frame of Reference (DCFR) prepared by the Study Group on a European Civil Code and the Research Group on EC Private Law has been published in February 2009. The CFR will also include a Book IX on Proprietary Security Rights in movable assets. See Eidenmüller et al. (2008), p. 665.
- 49.
- 50.
See Lando (2000), p. 61.
- 51.
See Schmitthoff (1968).
- 52.
Goode (1998a), p. 48.
- 53.
Legrand (1997).
- 54.
Goode (1998b), p. 54.
- 55.
Shaffer et al. (2008).
- 56.
Abbott et al. (2000), p. 422.
- 57.
Convention on International Interests in Mobile Equipment (Cape Town, 2001); Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (Cape Town, 2001) and the Luxembourg Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Railway Rolling Stock (Luxembourg, 2007).
- 58.
On this point see Espinola (1997), p. 9; Fleisig (1999), p. 253; Cuming (1998), p. 365; De La Peňa (1999), p. 347; Foëx (1999), p. 409; Cuming (1998); Davies (2002); Goode (2002), p. 4; Deschamps (2002), p. 17; Davies (2003), p. 151; Goode (2004), p. 757; Honnbier et al. (2004), p. 3; Saunders et al. (2006).
- 59.
On the assessment of international conventions as successful instruments of unification at the international level, see Kronke (2000), at p. 13.
- 60.
See Sect. 5 below.
- 61.
Goode (1997a), p. 232.
- 62.
The list of contracting states is available at http://www.unidroit.org/english/implement/i-88-l.pdf.
- 63.
The list of contracting states is available at http://www.unidroit.org/english/implement/i-88-f.pdf.
- 64.
Wool (1997), p. 49.
- 65.
See on this point Vogenauer (2009), p. 3.
- 66.
Bonell (1997), p. 11.
- 67.
The Cape Town Convention has introduced an international register (CTIR) in respect of security created in aircraft equipment. Information is available at https://www.internationalregistry.aero/irWeb/pageflows/work/UserDocumentation/DownloadUserDocumentationController.jpf?language=English.
- 68.
Goode (2004), p. 758.
- 69.
Goode (1998a), p. 48.
- 70.
This aspect of secured credit law was for many jurisdictions left unregulated (for example in France) which facilitated the adoption and ratification of the Convention.
- 71.
The Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (Cape town 2001) and the Luxembourg Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Railway Rolling Stock (Luxembourg 2007) but not yet in force.
- 72.
Stanford (1999), p. 248.
- 73.
Munday (1978), p. 450.
- 74.
For instance, terminologies issues have been extensively analysed in the travaux préparatoires of the UNCITRAL Legislative Guide on Secured Transactions. See for instance, Riffard (2006), p. 107.
- 75.
For a description of the features of soft law instruments see for example Shaffer et al. (2008).
- 76.
See McCormack (2011).
- 77.
Weil (1983), p. 423.
- 78.
Reinicke et al. (2000), p. 75.
- 79.
Trubek (2005).
- 80.
See e.g., the American Law Institute.
- 81.
Vogenauer (2009), p. 5.
- 82.
See fn. 2.
- 83.
The text of the UNCITRAL Model Law on Secured Transactions is available at http://www.uncitral.org/uncitral/en/uncitral_texts/payments/Guide_securedtrans.html.
- 84.
Legislation based on the UNCITRAL Model Law on International Commercial Arbitration as adopted in 1985 has been adopted in 74 jurisdictions.
- 85.
The UNCITRAL Model Law on Procurement of Goods, Construction and Services is available at http://www.uncitral.org/uncitral/uncitral_texts/procurement_infrastructure/2011Model.html.
- 86.
The Model Law on Electronic Commerce is available at http://www.uncitral.org/uncitral/en/uncitral_texts/electronic_commerce/1996Model.html. The Model Law has also been adopted in the Bailiwick of Guernsey (2000), the Bailiwick of Jersey (2000) and the Isle of Man (2000), all Crown Dependencies of the United Kingdom of Great Britain and Northern Ireland; in Bermuda (1999), Cayman Islands (2000), and the Turks and Caicos Islands (2000), overseas territories of the United Kingdom of Great Britain and Northern Ireland; and in the Hong Kong Special Administrative Region of China (2000).
- 87.
Vogenauer (2009), p. 4.
- 88.
See Gopalan (2004), p. 310 where the author states that: “[t]his is a vehicle for harmonization that has assumed tremendous importance following the successful reception of the UNIDROIT Principles of International Commercial Contracts. Without a doubt, the tremendous flexibility offered by restatements has contributed to their recent allure. Parties can adopt them on a voluntary basis, and they serve many important functions. For example, the UNIDROIT Principles of International Commercial Contracts as viewed as “neutral” contract law principles in that they reflect a balance of interests and have not been formulated by any government.”
- 89.
See for example Flanagan (2004), p. 297.
- 90.
- 91.
Goode (1997b), p. 2.
- 92.
Ibid. p. 3.
- 93.
Cohen (2008), p. 770.
- 94.
- 95.
- 96.
- 97.
Dalhuisen (2007), p. 134.
- 98.
Ibid. p. 132.
- 99.
Ibid. p. 161.
- 100.
The Convention is widely recognised as a foundation instrument of international arbitration and requires courts of contracting States to give effect to an agreement to arbitrate when seized of an action in a matter covered by an arbitration agreement and also to recognise and enforce awards made in other States, subject to specific limited exceptions. The text of the Convention is available at http://www.uncitral.org/uncitral/en/uncitral_texts/arbitration/NYConvention.html.
- 101.
Chuah (2005).
- 102.
Dalhuisen (2008), p. 354.
- 103.
Ibid.
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Renaudin, M. (2018). Approximation of Secured Credit Laws in Global Economies: Methodological Challenges. In: Heidemann, M., Lee, J. (eds) The Future of the Commercial Contract in Scholarship and Law Reform. Springer, Cham. https://doi.org/10.1007/978-3-319-95969-6_9
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